Thursday, July 5, 2012

Tumbler Ridge Wind Energy Project gets construction permit

I got this email today:

Finavera Wind Energy Receives Construction Permit for Tumbler Ridge Wind Energy Project
Vancouver, Canada, July 5th, 2012 - Finavera Wind Energy Inc. ('Finavera Wind Energy' or the 'Company') (TSX-V: FVR) is pleased to announce it has received a General Area Licence of Occupation (the "Licence") for the 47 megawatt Tumbler Ridge Wind Energy Project located in northeastern British Columbia. The Licence, which was issued by the Ministry of Forest, Lands and Natural Resource Operations, provides the approval for construction to commence on the project. The Tumbler Ridge Wind Energy Project recently received an Environmental Assessment Certificate and has a 25 year power purchase agreement with B.C. Hydro.
The $125-million project will be located 8 kilometres west of Tumbler Ridge. Once completed, the project will generate enough power to provide electricity for up to 18,000 homes. The 12 month project construction period is expected to generate 560 person years of direct employment, and the operational phase of the project is expected to create 188 person years of full-time direct employment.

Finavera Wind Energy CEO Jason Bak said, "This is a key milestone for the Tumbler Ridge Wind Energy Project and allows Finavera to progress through the final steps towards construction of this project. Our next steps are to finalize financing for the project, execute a turbine supply agreement, and contract a group to undertake the construction process."
 Jason Bak, CEO  

For more information:

Finavera Wind Energy
Myke Clark
SVP Business Development
Finavera Wind Energy 

I wonder if this is the sort of project that the NDP will oppose if they become government in BC?   As long as electrical rates are as low as they are now, the long term contracts are not making BC Hydro money, but I know of know one that thinks the price for electricity will not rise and rise a lot over the next five to ten years.   Once the price goes up BC Hydro will look like genius for having a large supply of green power at below market rates.